This morning, the folks at Pirates of the Burning Sea rolled out build 126.96.36.199 without incident. The servers are now live again after the update.
"We will be upgrading our live servers to build 188.8.131.52 during the usual maintenance window (1:30am-5:00am Pacific / 9.30am-1.00pm British Summer Time) on Tuesday, July 1st.
You can find information on the exciting changes in 1.5, including our new epic mission Fortaleza da Luz, in our Developer Logs section.
We appreciate your patience, and look forward to hearing your thoughts on the new patch. Release notes for the new build can be found here.
Update: All servers are now back online. Enjoy 1.5!"